Here in Michigan, there are a lot of people who are really into cars. And not just cars—supercars. This article is based on a popular thread about this very topic, so we wanted to weigh in.

It’s probably fairly obvious that from a financial perspective, an exotic car doesn’t make much sense. It just doesn’t. But let’s ignore that for now and get down to the fun stuff: the numbers.

What does a Lamborghini cost?

Let’s pick out which Lamborghini to focus on. There are two new models to choose from:

Let’s go with the cheaper one because we know we’re a little frugal with cars.

For a trim package, let’s go with the mid-tier package: the LP 619-4 AWD. This ride will come in at $237,250.

Of course, you can always lease the car for $2,950/month and $11,500 down. The lease is 36 months at 2,500 miles a year. But because we know from our previous article Avoiding Black Hole Car Habits that most millionaires buy instead of lease their cars, let’s assume you want to buy this bad boy yours.

Oh yeah, maintenance

In addition to the purchase price, there are a lot of other costs to maintain a car like this. The Huracán does come with a 3-year unlimited mileage powertrain warranty. Oil changes are about $400 and tires are $1,500 a set. Based on the Lamborghini online forum, it’s recommended that you have a rainy-day maintenance fund for unexpected car expenses. Owners suggest $15,000.

All in, we’re at approximately $240,000 for a new Lamborghini.

Your salary

Which brings us to the question of the day: How much salary should you have to buy one?

It’s recommended that you buy a vehicle that costs less than half of your annual salary. So if you’re making $50,000 a year, you buy a car that’s less than $25,000.

However, since cars are a depreciating asset, the less you pay for a car, the better. But based on the less-than-half-your-salary rule, to buy a Lamborghini you need to be making…

Wait for it…

$480,000 a year.

You can buy a Lamborghini earning less of course. Would it be smart financially? No. But keep in mind, this isn’t a wise purchase even if you are making $480K.

What to spend your money on

Your first financial priorities should be:

  • Paying off debt: credit cards, loans, etc.
  • Fully funding your retirement: 401(k), SEP, etc.
    • Funding child educational costs
    • Paying off your mortgage

If you’ve done all of those, consider making investments that can turn into potential profit: real estate, rental property, etc. That way your money can make money. Not just depreciate as it drives down the highway.

It’s a beautiful car. It is. But before you pull the trigger on any big-ticket item, think about your long-term goals. By having a financial strategy, you can help avoid the fate that some folks fall into. Remember, in the end it’s not what you make that matters, it’s what you keep.

Rich Feight, CFP
Rich Feight, CFP

Hi, I'm Rich Feight I'm a fee-only Certified Financial Planner, successful business owner, and self-made millionaire that knows how to beat the system and become wealthy. I have a lot of clients that have done it too. I'm also pretty good at finding that ever-elusive work/life balance so many of us strive for. Lucky for you I have an abundant mindset and give all my knowledge away on my blog. So if you want to know what it takes to become a millionaire, follow me.